“Almost without exception, the U.K.’s large number of national housing surveys is pointing to booming activity in London and the South East and, yesterday, the Bank of England reported that mortgage lending is growing at its fastest rate in three and a half years,” said Neil Mellor, a senior currency strategist at Bank of New York Mellon.

As Mr. Mellor points out, this is a problem Mr. Carney has already had to confront back home in Canada where, according to the Organization for Economic Cooperation and Development, property is now the third most over-valued in the developed world.

As a result, Mr. Mellor reckons that Mr. Carney will prove more pragmatic “and might well have one or two surprises in store.

This may mean not that the new governor is less dovish than expected but that he takes a more hands-on approach to explain policy publicly.

Whether this means the full “forward guidance” now being offered by the Federal Reserve in the U.S. remains to be seen. And whether Mr. Carney can convince other members of the Bank’s monetary policy committee to follow suit is also far from clear

All the same, there is a good chance that the end of the Bank’s latest policy meeting this week is a good deal more interesting for sterling traders than it was under the former governor, Mervyn King.